Identify Which of the Following Statements Correctly Describes a Hire-Purchase

question 62

Multiple Choice

Identify which of the following statements correctly describes a hire-purchase agreement.

• A)The contract does not create a bailment and the hirer has no contractual obligation to pay the purchase price.
• B)The contract gives the hirer a lien on the goods preventing the owner from selling the goods to another.
• C)This is simply another name for a chattel mortgage on an automobile.
• D)The contract creates a bailment,but the hirer has a contractual obligation to pay the purchase price.
• E)The contract creates a bailment and the hirer has an option to purchase the item at the end of the stipulated term.

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Definitions:

Offender Initiation

The act or process by which an individual begins or is introduced into committing offenses or engaging in criminal activities.

Selection

The process of choosing or making a choice from a range of options or candidates, often based on criteria or preferences.

Facilitation

The process of making an action or process easier or more likely to happen, often seen in learning environments, group projects, or therapy sessions.

Vocational Identity

Refers to the degree to which individuals identify with their chosen careers or vocations, integrating this aspect into their overall sense of self.